Jovo Energy(SH:605090) Soochow Securities·2024-06-06 03:00Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth of 16%/15%/17% for 2024-2026, corresponding to a PE ratio of 11/9/8x [17] Core Insights - The company plans to implement a fixed cash dividend of 750 million, 850 million, and 1 billion yuan for 2024-2026, ensuring a dividend yield of 4.5%, 5.2%, and 6.1% respectively [8][9] - The second employee stock ownership plan and the 2024 stock incentive plan aim to enhance employee motivation and align interests with long-term performance, targeting a net profit of no less than 1.5 billion yuan in 2024 [2][3] - The company is positioned as a comprehensive clean energy service provider, focusing on integrated operations across three main business segments, including LNG procurement and energy logistics [3] Financial Projections - Total revenue is projected to grow from 26.566 billion yuan in 2023 to 36.853 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20.06% [1] - The net profit attributable to shareholders is expected to increase from 1.306 billion yuan in 2023 to 2.035 billion yuan in 2026, reflecting a steady growth trajectory [1] - The company anticipates stable cash flow from operations, with operating cash flow projected to rise from 21.58 billion yuan in 2023 to 31.83 billion yuan in 2026 [6]